LO 10.2 4. Wilson has a 40 percent interest in the assets and income of the CC&WPartnership, and the basis in his partnership interest is $45,000 at the beginning of 2010. During 2010, the partnership’s net loss is $60,000 and Wilson’s share of the loss is $24,000. Also, Wilson receives a cash distribution from the partnership of $12,000 on June 30, 2010.

a. Indicate the amount of income or loss from the partnership that should be reported by Wilson on his 2010 individual income tax return.

$ ____________

b. Calculate Wilson’s basis in his partnership interest at the end of 2010.

$ ____________